Home-price declines hit London

A BBC News report today revealed home prices in London fell 3.2 percent in August, the first monthly drop since the government-run Land Registry began publishing its figures in 2000.

Prices sank in England and Wales by 1.9 percent last month, with the average property now costing 174,493 pounds, or approximately $321,495, which is some 8,320 pounds less than a year ago.

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